Why you should start your Deal lease extension

Main reasons to start your Deal lease extension today:

A Deal lease depreciates with the years remaining on the lease.

Deal residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

Deal property with a lease extension has roughly the same value as a freehold

Leasehold properties in Deal with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. As a number of flats in Deal were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Deal?

Using our service will provide you increased control over the value of your Deal leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Deal Lease Extension Example Cases:

Gabriel, Deal, Kent,

Gabriel was the the leasehold owner of a conversion apartment in Deal on the market with a lease of a few days over fifty eight years outstanding. Gabriel on an informal basis approached his landlord a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert legal guidance and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Deal case:

Dr Lucas White was assigned a lease of a one bedroom apartment in Deal in November 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable residencies in Deal with a long lease were in the region of £191,400. The mid-range ground rent payable was £55 invoiced yearly. The lease terminated on 21 September 2080. Taking into account 54 years remaining we calculated the premium to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of legals.

Deal case:

Dr Kyle Lefebvre was assigned a lease of a one bedroom flat in Deal in March 2007. We are asked if we could approximate the premium would be for a ninety year extension to my lease. Comparative properties in Deal with a long lease were worth £295,000. The average ground rent payable was £45 invoiced yearly. The lease expiry date was in 2100. Considering the 74 years left we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus fees.